Insurance holding company Ockham has invested an extra £2m development funding into the fledgling software house New Millennium Technology (NMT).
Ockham finance director Andrew Gibson said the investment increased the holding company's stake in NMT from 75% to 86%, which is in the form of convertible loan stock.
He said: “So far, we have not made a penny from our investment, but we are going to fund it until it's right.”
Gibson also said that last year, when Ockham made its initial £2.5m investment, all NMT's insurer backers refused to provide any further capital backing for the software house.
NMT has now developed a prototype version of its internet package and is currently in the throes of re-launching.
The latest investment takes Ockham's investment in NMT to a total of £4.5m.
